Shiba Inu back to $0.000010: Another price crash incoming?

Shiba Inu price analysis for June 4, 2022, comes on a bearish note for the meme coin with increased chances of retesting the lower regions in the near future if the bulls failed to hold prices above $0.000010. It is important to note that in the last 24 hours, the meme coin dropped by more than 2% and it seems that a further drop is possible in the coming days as well. As noted in our SHIB price analysis for June 3, 2022, the token has a strong resistance beyond the $0.000012 which the token hasn’t been able to break for now.

The data from CoinMarketCap shows that the trading volume for SHIB has risen by 0.11% in the last 24 hours, while the market cap of the token has dropped by 1.83% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04388, while the Market Dominance of the token rests at 0.49%. 

The daily candle for Shiba Inu opened at a price of $0.00001081 and reached a daily high of $0.00001090. Moreover, the daily low for the token stands at a price of $0.00001056. The price of 1 SHIB at the time of writing is $0.00001079.

Shiba Inu price analysis on the daily chart for June 4

Shiba Inu price analysis for June 4 will take into consideration the data from the indicators integrated into the daily chart below.

Source: TradingView

The RSI indicator reads a value below 37 which means that the selling pressure is dominating currently and the gradient of the line shows that Shiba Inu might enter the oversold levels.

The MACD indicator shows that the MACD line remains above the signal line while the bullish intensity of the MACD histogram continues to decrease.

The Shiba Inu price action is in the bearish region of the Bollinger Bands as selling pressure remains high.

Conclusion

Shiba Inu price analysis for June 4, 2022, ends on a bearish note for the meme coin as chances of holding above $0.000010 are low.